The US dollar fell for a third consecutive day on Friday. Federal Reserve Chairman Jerome Powell reiterated that a rate cut is likely at the Fed’s next meeting due to a slowing in business investment related to trade disputes and a global growth slowdown. The US Dollar Index was trading lower this morning, at 97.03 levels.
According to the monthly report published by the US Bureau of Labor Statistics, the Producer Price Index in June rose a modest 0.1 percent to match the previous month’s reading and the core PPI, which excludes the volatile food and energy prices, was 0.3 percent against the expectation of 0.2 percent.
Minutes released yesterday from the European Central Bank revealed that policymakers are prepared to ease policy and unleash new stimulus measures into the euro zone economy through interest-rate cuts or the relaunch of a €2.6 trillion bond-buying program, amid deep concerns over slowing global growth and trade disputes.
WTI oil was trading higher on Friday as US oil producers in the Gulf of Mexico cut more than half their output ahead of a tropical storm and as geopolitical tensions continued in the Middle East. WTI crude was up by 0.1 percent, at 60.27 a barrel on the day.